EA said Codemasters’ shareholders would receive £6.04 in cash for each ordinary share of Codemasters. The deal is expected to be completed in the first quarter of 2021, EA added. The acquisition of Codemasters marks the biggest deal in EA’s history, and comes amid increasing consolidation in the video game industry as the coronavirus pandemic has accelerated demand for gaming. In September, Microsoft announced it would buy ZeniMax Media, the company that owns Bethesda Softworks, for $7.5 billion, the biggest gaming acquisition in Microsoft’s history.
Codemasters is mostly known for its Formula One and Dirt racing game franchises. A combination with EA would bring those big titles under the same ownership as popular racing game series Need for Speed.
Shares of EA rose about 0.8% in U.S. pre-market trading, while Take-Two was up about 0.2%.